{"id":7387,"date":"2020-10-28T10:00:32","date_gmt":"2020-10-28T10:00:32","guid":{"rendered":"https:\/\/thezakariagroup.com\/buyer-interest-is-growing-among-younger-generations\/"},"modified":"2020-10-28T10:00:32","modified_gmt":"2020-10-28T10:00:32","slug":"buyer-interest-is-growing-among-younger-generations","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/buyer-interest-is-growing-among-younger-generations\/","title":{"rendered":"Buyer Interest Is Growing among Younger Generations"},"content":{"rendered":"
\n

\"Buyer<\/p>\n

The demand for homes this year is extraordinary as record-breaking numbers of hopeful buyers continue to shop for homes. In a normal year, the peak homebuying season comes to a close by early fall. However, 2020 is anything but a normal year, and the housing market is no exception. Lawrence Yun, Chief Economist<\/em> for the National Association of Realtors<\/em> (NAR), explains<\/a>:<\/span><\/p>\n

\n

“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season<\/strong>…I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home<\/em>.”<\/p>\n<\/blockquote>\n

What’s drawing so many buyers to the market?<\/strong><\/h4>\n

As Yun mentioned, record-low interest rates<\/strong> are key. Today’s rates are strengthening purchasing power<\/a> for buyers, too. Sam Khater, Chief Economist<\/em> at Freddie Mac<\/em>, emphasizes<\/a>:<\/p>\n

\n

“Mortgage rates today are on average more than a full percentage point lower<\/strong> than rates over the last five years.”<\/em><\/p>\n<\/blockquote>\n

If you’re a homebuyer right now, there’s no question that you want to take advantage of this opportunity – and you’re not alone. Competition among buyers is definitely increasing as more buyers enter the market and mortgage interest rates remain so low.<\/p>\n

Who’s planning to buy a home right now?<\/strong><\/h4>\n

Today’s affordability is appealing to all generations and seems to be especially attractive to younger buyers who want to begin growing their wealth<\/a> through homeownership. There’s a distinct increase this year in the percentage of those in younger generations searching for homes. The National Association of Home Builders<\/em> (NAHB) notes<\/a>:<\/p>\n

\n

“Between the third quarters of 2019 and 2020, the share of Gen Z adults planning a home purchase rose three points to 14%. Millennials, however, are the generation most likely to be considering buying a home (22%).”<\/em><\/p>\n<\/blockquote>\n

Here’s a graph showing the year-over-year increase in homebuying interest by generation:\"Buyer<\/a>According to Mark Fleming, Chief Economist<\/em> for First American<\/em>, millennials are reaching their prime home-buying years<\/a>, a likely driver in this increase:<\/p>\n

\n

“Record low mortgage rates and millennials continuing to age into their prime home-buying years<\/strong> has boosted demand, but a lack of housing supply remains a challenge.”<\/em><\/p>\n<\/blockquote>\n

What’s the biggest challenge for today’s buyers?<\/strong><\/h4>\n

Finding a home, however, as Fleming notes above, is clearly a challenge today. Yun also explains:<\/p>\n

\n

“There is no shortage of hopeful, potential buyers, but inventory is historically low.”<\/em><\/p>\n<\/blockquote>\n

With so many buyers actively searching for homes this year and so few houses for sale, it’s more important than ever to work with a trusted real estate professional to navigate today’s market. From pre-approval<\/a> to bidding wars<\/a> and guidance on down payment<\/a> assistance resources, having an agent by your side might make the difference in your ability to land your dream home.<\/p>\n

Bottom Line<\/strong><\/h3>\n

Let’s connect if you’re ready to buy a home. More buyers mean more competition, so you need an expert guide to help you stand out from the crowd.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

The demand for homes this year is extraordinary as record-breaking numbers of hopeful buyers continue to shop for homes. In a normal year, the peak homebuying season comes to a close by early fall. However, 2020 is anything but a normal year, and the housing market is no exception. Lawrence Yun, Chief Economist for the […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[874,98,99,875,882,104,109,101],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nBuyer Interest Is Growing among Younger Generations - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/buyer-interest-is-growing-among-younger-generations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buyer Interest Is Growing among Younger Generations - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"The demand for homes this year is extraordinary as record-breaking numbers of hopeful buyers continue to shop for homes. 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